Russia wants to forge a bilateral agreement by the end of 2014, a top official said.
Vice President Joe Biden and Japanese Prime Minister Shinzo Abe agreed Tuesday that their two nations need to move forward this year toward completing an Asia-Pacific trade deal.
While each leader acknowledged the difficulty in melding priorities for the 12 nations involved in negotiations of the Trans-Pacific Partnership (TPP), they expressed optimism in finding solutions and reaching an agreement as scheduled by year's end.
A top Senate Republican is urging U.S. trade officials to move forward on an Asia-Pacific trade deal with only those countries willing to adopt the highest standards.
Senate Finance Committee ranking member Orrin Hatch (Utah) sent a letter to U.S. Trade Representative Michael Froman on Monday night suggesting that he wrap up work on the 12-nation Trans-Pacific Partnership (TPP) by year's end with those willing to maintain high standards in areas such as intellectual property.
Obama administration takes a more aggressive tack on expanding global trade.
U.S. trade officials said they made substantial progress last week on forging an Asia-Pacific agreement with an aim to wrap up a deal by the end of the year.
Top negotiators for the 12 Trans-Pacific Partnership (TPP) nations said late Sunday that there was "significant progress" after six days of intensive meetings in Salt Lake City.
House and Senate trade leaders urged the Obama administration on Thursday to complete a couple of agreements next month at the World Trade Organization's meeting in Bali, which they argue will boost the U.S. economy.
Senate Finance Committee leaders called on Wednesday for Congress to pass fast-track legislation.
The Obama administration claimed credit for breaking down technical barriers to U.S. exports around the world.
The sequestration cuts will take a heavy toll on cross-border travel and trade, the Department of Homeland Security warns.
While security efforts remain the department's “highest priority,” furloughed workers will cause back-ups at the nation's ports of entry for both people and merchandise, the department said in a letter to trade and travel industry associations. The cuts take place against a backdrop of “significant growth” in travel and trade, with international air travel growing 12 percent over the past three years and maritime and air cargo shipments growing by 4 percent over the past year.
“We anticipate significant potential impacts to cross-border travel and trade. These negative impacts are going to increase as we enter peak travel seasons,” wrote Deputy Commissioner of U.S. Customs and Border Protection David Aguilar. “Given the importance of this commercial activity to the U.S. economy, CBP is very concerned about the ramifications of sequestration and we will endeavor to operate in a manner that is least disruptive to our mission and to your businesses.”
Some 50 U.S. company executives are headed to Burma next week in the first major business delegation since President Obama's historic visit last year, the U.S. Chamber of Commerce announced Friday.
“This delegation trip is an important milestone,” said Tami Overby, the chamber's vice-president for Asia. “We have made tremendous progress in normalizing economic relations between our countries. It is now time to take the relationship to the next level.”
The trip comes as the United States is in the process of lifting its last sanctions against the country, also known as Myanmar, following democratic elections and the release of political prisoners over the past two years. U.S. businesses see vast opportunity in the untapped market of 60 million people, even though no major deals have yet been announced because of lingering uncertainty about doing business in the country and questions about whether the sanctions waivers will hold.